When you apply for credit, lenders determine your credit risk by examining your credit scores, also known as FICO® scores. Each of the three main credit bureaus — Experian, TransUnion, and Equifax — keeps credit information about you that is used to calculate your FICO scores. This includes your payment history, the amount of money you owe, the length of your credit history and the number of recently opened credit accounts.

Your FICO scores help lenders determine the credit risk associated with loaning you money. Scores range from 300 to 850. The higher your score, the lower your perceived risk to a lender.